Congratulations to our partners at Lincoln Avenue Capital (LAC) and The Housing Authority of the City of Alameda (AHA) on their commitment to preserving up to 132 units of affordable housing at Rica Vista Apartments for the next 55 years! The existing market-rate property will be converted into workforce housing (or moderate income rental housing) in one of the most expensive housing markets in the nation, the Bay Area. Alameda residents earning up to 80% of the Area Median Income (AMI) will have access to affordable homes, especially high-demand one- and two- bedroom apartments. After the conversion is complete, Rica Vista represents “Naturally Occurring Affordable Housing” (NOAH), a rarity in California and in the country.
With this agreement between LAC and AHA, Bay Area families and residents will have safe, stable, and affordable homes to live and thrive in for years to come!
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